New Implementation Guidance Issued for GASB Statements
The Governmental Accounting Standards Board (“GASB”) has published new implementation guidance to help state and local governments apply several GASB Statements. Issued as Implementation Guide No. 2019-1, Implementation Guidance Update–2019, the guidance is presented in a question-and-answer format and covers topics such as tax abatement disclosures, postemployment benefits and disaster-related expenditure-driven grants. Implementation Guide 2019-1 also features amendments to previously implementation guidance.
Governments must apply the requirements of Implementation Guide 2019-1 to reporting periods starting after June 15, 2019. The GASB encourages early application for guidance concerning already implemented standards.
Download Implementation Guide 2019-1 from the GASB website.